Andrew Paparozzi

The policies of the Trump administration are likely to spur an upturn in the economy. That’s the opinion of Andrew Paparozzi, chief economist at Idealliance, a global association representing the visual communications industry. Paparozzi made that statement at the EFI Connect Event in January with a word of caution: “No one is guaranteed participation in the upturn.”

Paparozzi said that economists in general believe that the anticipated reductions in corporate and personal tax, increases in infrastructure and defense spending, repatriation of corporate profits, and rescinding of business regulations will spur growth. However, he does not see a big impact until 2018. Then, he predicts that the commercial printing industry could see its first 3 percent growth rate in more than a decade.

So why won’t all business benefit from a growing economy? Paparozzi sees the printing industry and the economy as a whole being transformed by “history’s third great economic revolution,” also referred to as the digital revolution. It is just as disruptive as the industrial and agricultural revolutions that preceded it, and moving at a much faster rate. Fail to understand how the digital revolution is affecting your business, and you won’t reap its potential rewards.

His warning was a call to action for companies to be prepared to take advantage of the coming upturn. “Competitive advantage is fleeting unless it is regularly replenished with superior knowledge of what clients and prospects value most and superior ability to consistently deliver that value; superior knowledge of how their client’s communications needs, options, and preferences are changing; and superior knowledge of not just what works today or of what worked yesterday, but of what will work tomorrow,” said Paparozzi.

To gain that knowledge, Paparozzi presented a set of questions to ask customers:

What’s the one thing we do better than others you do business with? Look for words, phrases, and experiences that keep coming up to find a differentiator.
What’s the one thing we could do to create a better experience for you? This could be a new capability, a better way to do customer service or billing, or perhaps something you never thought of.
What do our competitors do better than us? Don’t assume you already know, but once you do know, move quickly to close the gap.
What is the one thing we should never stop doing? Paparozzi says this is probably what your customers will mention when referring your company.
What’s the most recent example of how we exceeded your expectations? Follow that up by asking if you’ve ever failed their expectations.
How likely is it that you would recommend us to a friend or colleague? Although many companies in the industry use the Net Promoter Score, hearing verbatim answers to this question provides additional valuable information.
How would you find a business like ours on Google? Here, you are looking for keywords and search phrases your customers would use. It’s often not what you think, and marketing can use this information to increase your visibility on the web.

Paparozzi emphasized that you should not accept vague answers to these questions. Drill down until you get specific, actionable information.